Holding company Phinma Corporation has sold its research and consultancy unit to focus on businesses in the education and construction materials sectors. In a disclosure to the exchange, Phinma said it sold 100% or 10,000 shares in Integrative Competitive Intelligence Asia, Inc. (ICI Asia) to the latter’s president and CEO Roderick Y. Barro.
The shares are priced at P50 each, resulting in a total transaction value of P500,000. It is estimated to result in a P15-million loss on the deconsolidation of ICI Asia. The sale of ICI Asia was concluded on September 18.
Phinma took a controlling interest in ICI Asia in 2011 to increase its business process outsourcing portfolio. The company is a knowledge process outsourcing provider in Manila that serves clients from the environment, markets, health, governance, and education sectors.